The government of Shandong Province in China has stated that by 2020 overseas mining assets owned by local steelmakers should meet two thirds of total consumption of mineral resources in steel production in the province.
Accordingly, the Shandong provincial government will encourage steelmakers to develop overseas mining projects. In particular, large enterprises will be encouraged to set up joint ventures or to buy shares in small and medium-sized mines in Australia, South America and Africa. In this context, Shandong Steel Group will develop two or three iron ore distribution centers in other countries by 2015.